Tuesday 26th May 2015
Dear Reader,
We need your help - make a submission to the SFC!
NEW ARTICLE
Principles of
Responsible Regulation
Webb-site calls on the SFC, Government and HKEx to get serious about
facilitating investor stewardship. Principles of Responsible Ownership are only
useful if regulators address the deficiencies in Hong Kong's governance
framework for listed companies. We call on readers to make a submission too, and
support our proposed Principles of Responsible Regulation. (26-May-2015)
RECENTLY ON WEBB-SITE
Putting the FRC in Farcical (updated 22-May-2015)
In a shocking failure to recognise a basic and obvious accounting and
auditing error, HK's Financial Reporting Council rejected our complaint. The
listed company involved has now admitted the error. We call on the FRC's Process
Review Panel to investigate how it deals with complaints. (16-Apr-2015)
IN OTHER NEWS
HKTDC holds cocktail party for Chairman Jack So
Company media release, 23-May-2015
So, Jack,
how much did this adulation cost the taxpayer-owned TDC?
Duo
jailed over Pearl Oriental Oil (0632) acquisition
ICAC, 22-May-2015
Businessman charged with bribing policeman
ICAC, 22-May-2015
Manager
charged with accepting HK$300k in kickbacks
ICAC, 21-May-2015
Mimi Wong Kar Gee v K C Ho & Fong
HK Court of
First Instance, 20-May-2015
Modern Land (1107) plans to cancel dividend
Company announcement, 18-May-2015
"the Board has come to the view
that issuance of bonus Shares as a return to the Shareholders will give them an
opportunity to increase their shareholdings in the Company at the comparably low
costs". What a misleading statement. Cutting the pizza into more slices does not
give people more pizza.
Chinachem Charitable Foundation Ltd v Secretary for Justice
HK Court of Final Appeal, 18-May-2015
Mimi Wong Kar Gee v Raymond Hung Kin Sang
HK
Court of Final Appeal, 18-May-2015
The long divorce battle
surrounding the co-founders of Applied Development (0519) comes to an end, with
the husband winning the final round.
Civil
servant and wife in alleged HK$4.2m housing loan and allowance fraud
ICAC, 15-May-2015
Police
Sergeant faces court for HK$170k unauthorised loans and fraud
ICAC, 15-May-2015
Power Assets (0006) independent shareholders veto loans to parent
Company announcement, 14-May-2015
They
called it the purchase of "connected debt securities" but it amounts to lending
money to the parent, which is never a good idea. It was close though, no doubt
after a lot of lobbying.
Concentration warning in Jicheng Umbrella (1027)
Company announcement, 14-May-2015
The surge
in the stock price gives new meaning to "umbrella movement".
Concentration warning in Yan Tat (1480)
SFC,
14-May-2015
Trio in
court over marriage fraud
ICAC, 13-May-2015
HKSAR v Carson Yeung Ka Sing
HK Court of
Appeal, 13-May-2015
Mr Yeung loses his appeal against convictions.
China Jinhai (0139) sells 15/F China United Centre in shell
Company announcement, 12-May-2015
The
announcement fails to say who owns the buyer. We can tell you that as of
18-Sep-2012, Future Master Investments Ltd was owned by Cordoba Homes Ltd. That
is 94.54% owned by HEC Capital Ltd (a hub of the "Chung Nam Network") and 5.46%
owned by Mission Capital (1141). The shell deal avoids 8.5% Double Stamp Duty on
the deal. The deal occurs just 6 weeks after completing the purchase of the same
thing from Qualipak (1332).
And much more besides...
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